Southfield Broker Busted In Investment Scam
SOUTHFIELD (WWJ) - The founder of a Southfield-based investment fund has been arrested in New York city. U.S. Attorney Barb McQuade and FBI Special Agent in Charge Andrew Arena announced Friday morning that John Bravata, the chairman of BBC Equities, was taken into custody Thursday at JFK International Airport when he returned from Italy.
A criminal complaint charges Bravata with wire fraud. Investigators allege Bravata took part in a scheme to defraud investors over a three year period stretching from 2006 to 2009.
The feds also claim Bravata used investor funds to pay for the construction of his roughly 18,000 square foot personal home and to pay for other personal expenses.
If convicted of wire fraud, Bravata faces up to 20 years in jail and a $250,000 fine.
